Stamford Land Corporation, the owner and operator of luxury hotels and developer of top-tier residential and commercial properties, says profit after tax increased by 113% to $16.8 million for the third quarter 2009/10 due from $7.9 million a year ago due to the absence of unrealised losses in current investments and lower finance costs.

Revenue edged up 1.3% to $182.4 million from $180.2 million as its hotels in Auckland and Adelaide continued to perform strongly.

Stamford Land says refinancing of an A$100 million ($123.6 million) loan facility was completed in December 2009.

NTA increased to 50 cents per share due to stronger A$ and NZ$ for our investments in hotels and properties.

It expects to recognise significant fair value gains from Dynons Plaza Perth and Stamford Residences & The Reynell Terraces in FY2011 and FY2012.